Putting a hedge fund together in a manner that protects you and your investors is not a task to be taken lightly. In working with clients who want to put a fund together, one of things I ask for is a business plan. Because while you might be able to manage money, it's a whole new ballgame trying to run a business. And if you're going to be handling the money of other people, you will need a third party admin and auditor.
That being said, there is no substitute for working with counsel to put your fund together as you want it to work. One size does not fit all. Happy to assist further.
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.